25th Sep 2018 13:20
LONDON (Alliance News) - Trans-Siberian Gold PLC said on Tuesday that profit rose in the first half of 2018, due to record revenue generation caused by higher gold production.
Pretax profit for the six months to the end of June rose sixfold to USD3.2 million, up from USD543,000 the year before, on revenue that hiked to a record GBP27.6 million, up from GBP18.8 million.
During the period, Trans-Siberian sold 20,472 ounces of refined gold and 30,790 ounces of silver which generated USD27.1 million and USD519,000 respectively.
The average realised prices were USD1,324 per ounce of gold and USD17 per ounce of silver, up from USD1,233 per ounce of gold but silver prices remained flat.
Trans-Siberian proposed an interim dividend of USD0.009 per share, down from USD0.036 the year before.
"It is particularly pleasing to report record revenue for an interim period and a return of higher grade ore (6.5-8 g/t) in recent months. Our results in the first half of 2018 reflect the actions taken to address some of the challenges we faced. We will continue our efforts to improve operational performance and drive further efficiencies at Asacha," said Chief Executive Officer Alexander Dorogov.
Shares in Trans-Siberian Gold were down 2.5% at 34.60 pence on Tuesday.
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